The verse used by Steeleye Span is from a completely different song 'Let him go , Farewell He', which has a very similar tune to All around my Hat and is three verses and no chorus. (Steeleye are notorious for messing about with songs - some of the work well for me, others I am not convinced by).
All around My hat as I know it is a Broken Token song about a soldier (or sailor - i forget) going off to war for a Year and a Day. None of the versions in the Digitrad are the version I know.
Quack!
GtD.